Strategy
Emerging Markets Bond
The Emerging Markets Bond Composite seeks current income and capital appreciation primarily through investment in fixed income securities issued by emerging nations. The strategy may invest in low rated bonds, including those in default, when market conditions warrant. Absolute weightings in the Emerging Markets Bond Composite will generally be higher in the larger markets of Brazil, Mexico, and Russia than absolute weightings in the Emerging Markets Diversified Bond Composite.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
-2.66%
2.93%
Data as of 31-Mar-2020
Data as of 31-Mar-2020
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
-12.27%
-0.13
Data as of 31-Mar-2020
Data as of 31-Mar-2020
Inception Date 31-Dec-1995
Performance figures calculated in USD
Other Literature
- This product's strategy also available as
- a SICAV
Strategy
Investment Approach
- Focus primarily on sovereign debt, with smaller strategic allocations to corporate and local currency debt.
- Integrate proprietary credit research and relative value analysis.
- Establish independent credit rating at the country and corporate issuer level.
- Add value through active country allocation and individual security selection decisions.
- Limit risk through diversification.
- Employ long-term investment horizon.
Portfolio Construction
- Diversified portfolio structure: typically400-500 issuers
- Duration bands: managed within +/- 1 year of the benchmark
- Average credit quality: BB
- Country exposure will range between 0% and a max of 10% over the benchmark
- Expected tracking error should range between 200-400 bps
Performance
Emerging Markets Bond Composite
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | -11.82% | -2.18% | 2.47% | 4.41% |
| Composite Net % | -12.27% | -2.66% | 1.96% | 3.89% |
| Benchmark % | -5.28% | 0.44% | 2.85% | 4.82% |
| Excess Return (Gross) % | -6.54% | -2.62% | -0.38% | -0.41% |
Recent Performance
| 3 MonthsData as of 31-Mar-2020 | Year to DateData as of 31-Mar-2020 | |
|---|---|---|
| Composite Gross % | -15.67% | -15.67% |
| Composite Net % | -15.79% | -15.79% |
| Benchmark % | -11.76% | -11.76% |
| Excess Return (Gross) % | -3.91% | -3.91% |
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
J.P. Morgan Emerging Markets Bond Index Global %
Holdings
Holdings
Total
Holdings
448
Largest Holding
Petrobras Global Finance BV
3.74%
Was
(31-Dec-2019) 3.29%
Top 10 Holdings 22.21%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | B | A |
| By % | 11.76% | -20.31% |
| Portfolio | 28.16% | 4.88% |
| Benchmark | 16.40% | 25.19% |
Average Credit Quality
BB-Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 5-7 Years | 3-5 Years |
| By % | 5.97% | -6.34% |
| Portfolio | 19.81% | 10.09% |
| Benchmark | 13.85% | 16.43% |
Weighted Average Maturity
12.11 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 5-7 Years | 1-3 Years |
| By % | 7.66% | -8.52% |
| Portfolio | 27.26% | 8.40% |
| Benchmark | 19.60% | 16.92% |
Weighted Average Duration
7.12 YearsRegions
Total
Regions
5
Largest Region
Latin America
41.78%
Was (31-Dec-2019)
44.30%
Other
View complete Region Diversification
Largest Overweight
Latin America
By11.27%
Portfolio
41.78%
Benchmark
30.51%
Largest Underweight
Middle East & Africa
By-7.81%
Portfolio
18.36%
Benchmark
26.17%
Countries
Total
Countries
65
Largest Country
Brazil
13.15%
Was (31-Dec-2019)
12.15%
Other
View complete Country Diversification
Largest Overweight
Brazil
By9.69%
Portfolio
13.15%
Benchmark
3.46%
Largest Underweight
China
By-6.21%
Portfolio
3.09%
Benchmark
9.30%
Currency
Total
Currencies
18
Largest Currency
U.S. dollar
99.62%
Was (31-Dec-2019)
98.40%
Other
View complete Currency Diversification
Largest Overweight
Serbia dinar
By
0.37%
Portfolio
0.37%
Benchmark
0.00%
Largest Underweight
U.S. dollar
By
-0.38%
Portfolio
99.62%
Benchmark
100.00%
Team (As of 21-May-2020)
Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.
Mr. Conelius has 31 years of investment experience, all of them at T. Rowe Price. Prior to joining the firm in 1988, he was a consultant for Booz Allen Hamilton.
Mr. Conelius earned a B.S. in finance from Towson University and an M.S. in finance from Loyola University Maryland. Mr. Conelius has also earned the Chartered Financial Analyst designation.
- Portfolio manager1994
since - Years at32
T. Rowe Price - Years investment32
experience
Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Keirle has 23 years of investment experience, 14 of which have been with T. Rowe Price. Prior to joining the firm in 2005, he was a portfolio manager and analyst at Lazard Asset Management. Prior to joining Lazard, Mr. Keirle spent seven years as a global portfolio manager at Gulf International Bank in London.
Mr. Keirle is a qualified member of the Institute of Investment Management and Research, and he also holds a diploma from the Society of Technical Analysts. He graduated with a B.Sc. in economics and politics from the University of Swansea at the University of Wales.
- Years at14
T. Rowe Price - Years investment23
experience
Samy Muaddi is a portfolio manager in the Fixed Income Division of T. Rowe Price. Mr. Muaddi is the lead manager and executive vice president of the Emerging Markets Corporate Bond Strategy and chairman of the strategy's Investment Advisory Committee. He also manages the Asia Credit Strategy and is co-portfolio manager of the Global High Income Strategy. Mr. Muaddi is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Mr. Muaddi has 13 years of investment experience, all of which have been with T. Rowe Price. He joined the firm in 2006.
Mr. Muaddi earned a B.A., summa cum laude, in economics from the University of Maryland. He also has earned the Chartered Financial Analyst designation. Mr. Muaddi is an adjunct professor at Georgetown University in the Walsh Graduate School of Foreign Service.
- Portfolio manager2013
since - Years at14
T. Rowe Price - Years investment14
experience
Ben Robins is a portfolio specialist in the Fixed Income Division at T. Rowe Price. He supports our emerging market debt strategies, which includes hard currency- and local currency-denominated sovereign and corporate debt, working closely with clients, consultants, and prospects. Mr. Robins is a vice president of T. Rowe Price Associates, Inc.
Mr. Robins has 19 years of investment experience. Prior to joining the firm in 2016, he worked as a senior investment consultant at Cambridge Associates, which included client relationship management and fixed income manager research. Prior to that, Mr. Robins worked in investments at Lehman Brothers.
Mr. Robins earned a B.A. in economics, with honors, from the College of William & Mary and an M.B.A. from the Tuck School of Business at Dartmouth. He also has earned the Chartered Financial Analyst designation.
- Years at3
T. Rowe Price - Years investment19
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 31-Mar-2020
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 6.02% | 5.28% |
| Weighted Average Maturity | 12.11 Years | 12.28 Years |
| Weighted Average Duration | 7.12 Years | 7.37 Years |
| Number of Holdings | 447 | 793 |
Risks
- Country risk (China)
- Country risk (Russia and Ukraine)
- Credit risk
- Currency risk
- Default risk
- Derivatives risk
- Emerging markets risk
- Frontier markets risk
- Interest rate risk
- Issuer concentration risk
- Liquidity risk
- Sector concentration risk
- Capital risk
- Counterparty risk
- Geographic concentration risk
- Hedging risk
- Investment portfolio risk
- Management risk
- Market risk
- Operational risk
Risk/Return Characteristics
as of 31-Mar-2020Emerging Markets Bond Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | -0.64% | 0.00% |
| Beta | 1.24 | 1.00 |
| R-Squared | 0.95 | 1.00 |
| Annualized Std. Deviation | 10.08% | 7.97% |
| Information Ratio | -0.13 | 0.00 |
| Sharpe Ratio | 0.13 | 0.21 |
| Tracking Error | 2.93% | 0.00% |
Past performance is not a reliable indicator of future performance.
Statistics based on monthly gross returns. Returns would have been lower as a result of the deduction of applicable fees.
J.P. Morgan Emerging Markets Bond Index Global %
Calendar Year Performance
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 14.38% | 4.46% | 20.77% | -6.30% | 4.10% | 1.50% | 15.73% | 10.09% | -6.36% | 12.40% | Composite Gross | |
| 13.82% | 3.94% | 20.18% | -6.77% | 3.58% | 0.99% | 15.16% | 9.55% | -6.83% | 11.85% | Composite Net | |
| 12.04% | 8.46% | 18.54% | -6.58% | 5.53% | 1.23% | 10.19% | 9.32% | -4.61% | 14.42% | Benchmark | |
| 1.78% | -4.52% | 1.64% | -0.19% | -1.95% | -0.24% | 4.97% | 0.23% | -2.22% | -2.57% | Value added (Gross) |
- Composite Gross
- Composite Net
- Benchmark
J.P. Morgan Emerging Markets Bond Index Global %
Top 10 Issuers (31-Mar-2020)
| Issuer Name | % of Portfolio | Sector | Industry |
|---|---|---|---|
| Republic of Turkey | 6.37% | N/A | N/A |
| Petrobras Global Finance BV | 5.52% | N/A | N/A |
| Ukraine | 5.50% | N/A | N/A |
| Republic of Indonesia | 5.46% | N/A | N/A |
| Petroleos Mexicanos | 5.21% | N/A | N/A |
| Federative Republic of Brazil | 2.94% | N/A | N/A |
| Mexico City Airport Trust | 2.81% | N/A | N/A |
| Pertamina Persero PT | 2.61% | N/A | N/A |
| Argentine Republic | 2.48% | N/A | N/A |
| Arab Republic of Egypt | 2.47% | N/A | N/A |
Issuers are as of the date indicated and are subject to change.
The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted in the table due to rounding.
N/A indicates Not Available.
Quality (31-Mar-2020)
Representative Portfolio vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| US Government Agency Securities | 0.08% | 0.00% | |
| US Treasury | 0.16% | 0.00% | |
| AA | 0.12% | 7.75% | |
| A | 4.88% | 25.19% | |
| BBB | 28.92% | 34.00% | |
| BB | 23.57% | 12.02% | |
| B | 28.16% | 16.40% | |
| CCC | 9.01% | 3.53% | |
| CC | 0.05% | 0.00% | |
| C | 0.29% | 0.00% | |
| Not Rated | 0.80% | 0.83% | |
| Reserves | 2.27% | 0.00% | |
| D | 1.69% | 0.27% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sources: Moody's Investors Service; if Moody's does not rate a security, then Standard & Poor's (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody's or S&P. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency.
U.S. government agency securities are issued or guaranteed by a U.S. government agency and may include conventional pass-through securities and collateralized mortgage obligations. Unlike Treasuries, government agency securities are not issued directly by the U.S. government and are generally unrated but may have credit support from the U.S. Treasury (e.g., FHLMC and FNMA issues) or a direct government guarantee (e.g., GNMA issues). Therefore, this category may include rated and unrated securities.
U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government.
Maturity (31-Mar-2020)
Representative Portfolio vs Benchmark
| Bond Maturity | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 0.68% | 0.10% | |
| 1-3 Years | 12.16% | 13.83% | |
| 3-5 Years | 10.09% | 16.43% | |
| 5-7 Years | 19.81% | 13.85% | |
| 7-10 Years | 22.01% | 18.97% | |
| 10+ Years | 32.89% | 36.82% | |
| Cash Equivalents | 2.35% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (31-Mar-2020)
Representative Portfolio vs Benchmark
| Duration | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 2.58% | 0.39% | |
| 1-3 Years | 8.40% | 16.92% | |
| 3-5 Years | 19.18% | 20.74% | |
| 5-7 Years | 27.26% | 19.60% | |
| 7-10 Years | 18.01% | 15.78% | |
| Over 10 Years | 22.29% | 26.57% | |
| Cash Equivalents | 2.27% | 0.00% |
Duration is a measure of a bond portfolio's sensitivity to interest rate changes.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings (31-Mar-2020)
| Company | % of Portfolio | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Petrobras Global Finance BV | 3.74% | 0.45 | $168,393,846.63 | 150,850,000 | Corporate Securities | Energy | Brazil | 8.75% | Ba2 | 23-May-2026 | 4.65 |
| Perusahaan Penerbit SBSN Indonesia III | 2.67% | 0.45 | $120,432,792.82 | 116,775,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.55% | Baa2 | 29-Mar-2026 | 5.22 |
| Petroleos Mexicanos | 2.62% | -0.42 | $117,911,477.90 | 176,603,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Baa3 | 02-Jun-2041 | 8.69 |
| Pertamina Persero PT | 2.42% | 0.30 | $108,958,961.56 | 104,726,000 | Corporate Securities | Petroleum | Indonesia | 5.63% | Baa2 | 20-May-2043 | 12.44 |
| Mexico City Airport Trust | 2.38% | 0.35 | $107,269,375.47 | 124,236,000 | Corporate Securities | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 12.45 |
| Ukraine Government International Bond | 2.02% | 0.39 | $91,141,732.27 | 98,390,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2027 | 5.42 |
| Turkey Government International Bond | 1.94% | 0.21 | $87,629,373.02 | 97,785,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.00% | B1 | 25-Mar-2027 | 5.50 |
| Israel Electric | 1.70% | 0.21 | $76,666,861.35 | 73,740,000 | Corporate Securities | Electric Utilities | Israel | 4.25% | Baa2 | 14-Aug-2028 | 6.98 |
| Bahamas Government International Bond | 1.47% | 0.05 | $66,455,699.26 | 73,815,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Baa3 | 21-Nov-2028 | 6.13 |
| Eskom Holdings SOC | 1.24% | -1.94 | $55,760,278.79 | 76,365,000 | Corporate Securities | Utilities | South Africa | 7.13% | Caa1 | 11-Feb-2025 | 3.72 |
| Petroleos Mexicanos | 1.23% | -0.06 | $55,496,838.42 | 86,515,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.63% | Baa3 | 23-Jan-2046 | 9.94 |
| Vietnam Government International Bond | 1.23% | 0.13 | $55,244,574.39 | 53,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Vietnam | 4.80% | Ba3 | 19-Nov-2024 | 4.04 |
| Brazilian Government International Bond | 1.19% | 0.26 | $53,828,828.86 | 55,698,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.00% | Ba2 | 27-Jan-2045 | 13.53 |
| Argentine Republic Government International Bond | 1.17% | -0.27 | $52,801,922.19 | 138,731,660 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 8.28% | Caa2 | 31-Dec-2033 | 3.47 |
| Petrobras Global Finance BV | 1.16% | 0.08 | $52,183,152.01 | 50,020,000 | Corporate Securities | Energy | Brazil | 7.38% | Ba2 | 17-Jan-2027 | 5.24 |
| Banco do Brasil SA/Cayman | 1.12% | 0.11 | $50,450,138.22 | 51,160,000 | Corporate Securities | Banking | Brazil | 9.00% | B2 | 18-Dec-2168 | 9.95 |
| Argentine Republic Government International Bond | 1.06% | -0.42 | $47,865,518.20 | 151,613,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 7.50% | Caa2 | 22-Apr-2026 | 2.91 |
| Egypt Government International Bond | 0.97% | 0.04 | $43,603,002.03 | 51,975,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.50% | B2 | 31-Jan-2047 | 8.86 |
| Dominican Republic International Bond | 0.94% | 0.11 | $42,217,259.18 | 44,925,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.85% | Ba3 | 27-Jan-2045 | 10.97 |
| Indonesia Government International Bond | 0.92% | 0.18 | $41,507,438.30 | 38,107,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.63% | Baa2 | 15-Apr-2043 | 13.96 |
| Jamaica Government International Bond | 0.90% | 0.04 | $40,529,350.84 | 36,711,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Jamaica | 8.00% | B2 | 15-Mar-2039 | 9.80 |
| Ukraine Government International Bond | 0.80% | 0.04 | $35,843,061.41 | 35,250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 9.75% | NR | 01-Nov-2028 | 5.47 |
| Brazilian Government International Bond | 0.79% | 0.17 | $35,608,246.56 | 33,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.63% | NR | 13-Jan-2028 | 6.49 |
| Turkey Government International Bond | 0.78% | 0.14 | $35,095,580.93 | 41,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.25% | B1 | 14-Apr-2026 | 5.00 |
| Colombia Government International Bond | 0.77% | 0.09 | $34,509,623.27 | 31,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 5.63% | Baa2 | 26-Feb-2044 | 13.27 |
| Ukraine Government International Bond | 0.75% | 0.05 | $33,778,902.76 | 33,220,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 9.75% | NR | 01-Nov-2028 | 5.47 |
| Russian Foreign Bond - Eurobond | 0.73% | 0.45 | $32,694,674.21 | 26,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.25% | NR | 23-Jun-2047 | 15.19 |
| Hazine Mustesarligi Varlik Kiralama | 0.72% | 0.10 | $32,320,607.21 | 36,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.49% | B1 | 25-Nov-2024 | 3.99 |
| Russian Foreign Bond - Eurobond | 0.71% | 0.15 | $32,212,372.34 | 30,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.38% | NR | 21-Mar-2029 | 7.44 |
| Mongolia Government International Bond | 0.71% | 0.10 | $32,177,083.00 | 35,110,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 5.13% | B3 | 05-Dec-2022 | 2.38 |
| Egypt Government International Bond | 0.69% | -0.04 | $30,946,523.18 | 36,890,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.50% | B2 | 31-Jan-2047 | 8.86 |
| El Salvador Government International Bond | 0.68% | 0.02 | $30,592,013.34 | 31,015,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 8.63% | B3 | 28-Feb-2029 | 6.04 |
| Ghana Government International Bond | 0.68% | -0.26 | $30,455,112.53 | 37,700,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.13% | B3 | 18-Jan-2026 | 3.60 |
| Colombia Government International Bond | 0.66% | -0.12 | $29,756,395.28 | 25,470,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 6.13% | Baa2 | 18-Jan-2041 | 12.04 |
| State Grid Overseas Investment 2013 | 0.63% | 0.17 | $28,292,789.81 | 22,919,000 | Corporate Securities | Utilities | China | 4.38% | A1 | 22-May-2043 | 15.03 |
| Turkey Government International Bond | 0.61% | -0.33 | $27,681,908.90 | 31,765,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.88% | B1 | 09-Oct-2026 | 5.22 |
| Petroleos De Venezuela | 0.60% | 0.05 | $27,064,450.00 | 386,635,000 | Corporate Securities | Energy | Venezuela | 9.00% | NR | 17-Nov-2021 | 0.09 |
| Ukraine Government International Bond | 0.60% | 0.07 | $26,842,803.75 | 29,160,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2025 | 4.25 |
| Ivory Coast Government International Bond | 0.59% | -0.05 | $26,664,151.36 | 28,954,575 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 5.75% | NR | 31-Dec-2032 | 5.11 |
| Sri Lanka Government International Bond | 0.59% | -0.11 | $26,629,668.02 | 40,430,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | B2 | 27-Jul-2021 | 1.04 |
| Petroleos Mexicanos | 0.58% | -0.05 | $26,224,831.83 | 40,904,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.50% | Baa3 | 27-Jun-2044 | 10.04 |
| Oman Government International Bond | 0.57% | -0.04 | $25,713,417.17 | 35,055,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 4.75% | Ba2 | 15-Jun-2026 | 4.91 |
| Icl | 0.57% | N/A | $25,540,160.01 | 22,900,000 | Corporate Securities | Chemicals | Israel | 6.38% | NR | 31-May-2038 | 11.09 |
| Republic of South Africa Government International Bond | 0.56% | -0.02 | $25,122,447.02 | 33,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.65% | Ba1 | 27-Sep-2047 | 11.72 |
| Petrobras Global Finance BV | 0.53% | 0.05 | $23,991,007.56 | 24,546,000 | Corporate Securities | Energy | Brazil | 6.85% | Ba2 | 05-Jun-2115 | 12.89 |
| Nigeria Government International Bond | 0.53% | -0.07 | $23,985,932.67 | 33,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.14% | B2 | 23-Feb-2030 | 6.23 |
| Brazilian Government International Bond | 0.52% | 0.07 | $23,427,530.83 | 22,545,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.63% | Ba2 | 07-Jan-2041 | 11.99 |
| El Salvador Government International Bond | 0.52% | 0.10 | $23,374,720.18 | 26,475,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 7.65% | B3 | 15-Jun-2035 | 8.13 |
| Senegal Government International Bond | 0.52% | 0.06 | $23,346,828.70 | 25,200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.25% | Ba3 | 23-May-2033 | 7.96 |
| Cometa Energia SA de CV | 0.52% | 0.05 | $23,213,960.76 | 24,612,600 | Corporate Securities | Energy | Mexico | 6.38% | Baa3 | 24-Apr-2035 | 6.25 |
| Banco do Brasil SA/Cayman | 0.49% | 0.49 | $22,116,132.29 | 27,000,000 | Corporate Securities | Banking | Brazil | 6.25% | NR | 15-Oct-2168 | 11.26 |
| Perusahaan Penerbit SBSN Indonesia III | 0.48% | 0.41 | $21,631,758.77 | 21,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.15% | Baa2 | 29-Mar-2027 | 6.02 |
| Perusahaan Penerbit SBSN Indonesia III | 0.46% | 0.07 | $20,592,297.26 | 20,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.45% | Baa2 | 20-Feb-2029 | 7.26 |
| Senegal Government International Bond | 0.46% | 0.03 | $20,565,899.97 | 20,400,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 4.75% | Ba3 | 13-Mar-2028 | 5.65 |
| Republic of Uzbekistan Bond | 0.45% | 0.07 | $20,286,676.99 | 20,405,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 4.75% | NR | 20-Feb-2024 | 3.49 |
| Republic of Uzbekistan Bond | 0.44% | 0.06 | $20,026,312.76 | 20,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 5.38% | NR | 20-Feb-2029 | 6.95 |
| Turkey Government International Bond | 0.44% | 0.05 | $19,899,256.18 | 27,550,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.88% | B1 | 16-Apr-2043 | 11.26 |
| Ukraine Government International Bond | 0.44% | 0.05 | $19,700,469.40 | 20,263,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2021 | 1.30 |
| Bermuda Government International Bond | 0.44% | 0.06 | $19,640,532.40 | 19,170,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 4.75% | A2 | 15-Feb-2029 | 7.18 |
| Mexico City Airport Trust | 0.43% | 0.02 | $19,353,380.74 | 22,415,000 | Corporate Securities | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 12.45 |
| Saudi Government International Bond | 0.42% | 0.12 | $18,878,577.16 | 17,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 5.00% | A1 | 17-Apr-2049 | 15.13 |
| Turkey Government International Bond | 0.41% | 0.04 | $18,460,023.19 | 21,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.13% | B1 | 17-Feb-2028 | 6.14 |
| Perusahaan Listrik Negara PT | 0.40% | 0.03 | $18,036,561.44 | 16,296,000 | Corporate Securities | Energy | Indonesia | 6.25% | Baa2 | 25-Jan-2049 | 13.44 |
| Sri Lanka Government International Bond | 0.40% | 0.01 | $17,933,039.60 | 27,165,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 5.75% | B2 | 18-Jan-2022 | 1.48 |
| Bank Leumi Le-Israel BM | 0.39% | N/A | $17,787,731.50 | 19,240,000 | Corporate Securities | Financial | Israel | 3.28% | NR | 29-Jan-2031 | 8.94 |
| Jamaica Government International Bond | 0.39% | 0.01 | $17,676,173.45 | 16,155,000 | Government | Foreign Govt & Muni (Excl Canadian) | Jamaica | 7.88% | B2 | 28-Jul-2045 | 11.15 |
| Ecuador Government International Bond | 0.39% | -0.41 | $17,666,623.71 | 59,250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ecuador | 7.88% | NR | 23-Jan-2028 | 3.46 |
| Petroleos Mexicanos | 0.39% | N/A | $17,558,512.04 | 23,550,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.50% | Baa3 | 23-Jan-2026 | 4.73 |
| Senegal Government International Bond | 0.39% | 0.04 | $17,556,444.08 | 18,950,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.25% | Ba3 | 23-May-2033 | 7.96 |
| KazMunayGas National Co JSC | 0.39% | -0.08 | $17,554,073.20 | 17,170,000 | Corporate Securities | Petroleum | Kazakhstan | 6.38% | Baa3 | 24-Oct-2048 | 12.34 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 0.39% | 0.08 | $17,460,098.90 | 16,600,000 | Corporate Securities | Banking | Mexico | 8.50% | Ba1 | 20-Apr-2168 | 9.79 |
| Costa Rica Government International Bond | 0.38% | -0.03 | $17,287,422.11 | 20,465,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 7.00% | B2 | 04-Apr-2044 | 9.68 |
| Nigeria Government International Bond | 0.38% | -0.05 | $16,944,478.97 | 22,750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 8.75% | B2 | 21-Jan-2031 | 5.98 |
| Minerva Luxembourg | 0.37% | 0.03 | $16,887,947.98 | 18,335,000 | Corporate Securities | Food/Tobacco | Brazil | 6.50% | NR | 20-Sep-2026 | 5.12 |
| Development Bank of Mongolia | 0.37% | 0.03 | $16,520,103.38 | 18,420,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 7.25% | NR | 23-Oct-2023 | 2.90 |
| Serbia Treasury Bonds | 0.36% | 0.07 | $16,432,370.04 | 1,580,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 4.50% | NR | 11-Jan-2026 | 0.00 |
| Ukraine Government International Bond | 0.36% | 0.03 | $16,328,412.86 | 17,224,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2023 | 2.90 |
| Perusahaan Listrik Negara PT | 0.36% | 0.06 | $16,298,637.91 | 16,500,000 | Corporate Securities | Energy | Indonesia | 4.13% | Baa2 | 15-May-2027 | 6.00 |
| Turkey Government International Bond | 0.36% | -0.06 | $16,289,116.51 | 18,325,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.88% | B1 | 17-Mar-2036 | 9.08 |
| Turkey Government International Bond | 0.36% | 0.06 | $16,011,295.23 | 16,375,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.25% | B1 | 26-Sep-2022 | 2.25 |
| Kenya Government International Bond | 0.35% | 0.02 | $15,923,078.33 | 16,910,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 7.25% | B2 | 28-Feb-2028 | 5.80 |
| Saudi Arabian Oil | 0.35% | N/A | $15,836,115.68 | 15,600,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 4.25% | A1 | 16-Apr-2039 | 12.65 |
| Perusahaan Listrik Negara PT | 0.34% | 0.05 | $15,502,814.04 | 15,300,000 | Corporate Securities | Energy | Indonesia | 5.25% | Baa2 | 24-Oct-2042 | 12.57 |
| Azul Investments LLP | 0.33% | -0.11 | $15,061,427.65 | 25,785,000 | Corporate Securities | Airlines | Brazil | 5.88% | B2 | 26-Oct-2024 | 3.34 |
| Perusahaan Penerbit SBSN Indonesia III | 0.33% | 0.05 | $14,922,537.38 | 14,572,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.35% | Baa2 | 10-Sep-2024 | 4.00 |
| MTN Mauritius Investments | 0.33% | 0.04 | $14,887,317.79 | 15,000,000 | Corporate Securities | Wireless Communications | South Africa | 6.50% | Ba1 | 13-Oct-2026 | 5.06 |
| Serbia International Bond | 0.33% | -0.33 | $14,747,768.09 | 14,035,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 7.25% | Ba3 | 28-Sep-2021 | 1.42 |
| Turkey Government International Bond | 0.32% | -0.21 | $14,545,842.97 | 15,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.13% | B1 | 25-Mar-2022 | 1.84 |
| Oman Government International Bond | 0.32% | N/A | $14,541,566.55 | 21,930,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.50% | Ba2 | 08-Mar-2047 | 9.48 |
| Turkey Government International Bond | 0.32% | 0.02 | $14,475,798.79 | 18,120,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.00% | B1 | 14-Jan-2041 | 10.28 |
| Corp Nacional del Cobre de Chile | 0.32% | 0.05 | $14,433,848.64 | 16,450,000 | Corporate Securities | Metals & Mining | Chile | 3.70% | A3 | 30-Jan-2050 | 16.66 |
| Egypt Government International Bond | 0.32% | N/A | $14,210,422.11 | 15,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.60% | B2 | 01-Mar-2029 | 6.16 |
| a Capital Pte | 0.32% | N/A | $14,202,240.44 | 18,920,000 | Corporate Securities | Building & Real Estate | Indonesia | 8.13% | B3 | 22-Jan-2025 | 3.58 |
| Sri Lanka Government International Bond | 0.32% | -0.09 | $14,197,136.17 | 24,585,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.20% | B2 | 11-May-2027 | 4.70 |
| Nigeria Government International Bond | 0.31% | -0.03 | $14,190,314.91 | 19,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 6.50% | B2 | 28-Nov-2027 | 5.31 |
| Ecuador Government International Bond | 0.31% | -0.75 | $14,120,713.37 | 45,940,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ecuador | 7.95% | NR | 20-Jun-2024 | 2.40 |
| Republic of South Africa Government International Bond | 0.31% | -0.07 | $13,988,421.20 | 16,950,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.85% | Ba1 | 30-Sep-2029 | 7.24 |
| Ruwais Power Co-PJSC | 0.31% | 0.05 | $13,855,445.69 | 11,795,000 | Corporate Securities | Energy | United Arab Emirates | 6.00% | A3 | 31-Aug-2036 | 9.95 |
| Petroleos Mexicanos | 0.30% | 0.08 | $13,547,082.30 | 20,786,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.75% | Baa3 | 21-Sep-2047 | 9.13 |
| Sri Lanka Government International Bond | 0.30% | -0.12 | $13,364,353.50 | 23,625,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.83% | B2 | 18-Jul-2026 | 4.35 |
| Oman Government International Bond | 0.30% | -0.02 | $13,335,328.04 | 18,180,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 4.75% | Ba2 | 15-Jun-2026 | 4.91 |
| Petroleos De Venezuela | 0.29% | 0.03 | $13,266,050.00 | 189,515,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 16-May-2024 | 0.65 |
| Turkiye Sise Ve Cam Fabrikalari | 0.29% | 0.03 | $13,179,346.19 | 14,345,000 | Corporate Securities | Building Products | Turkey | 6.95% | B1 | 14-Mar-2026 | 4.69 |
| Indonesia Government International Bond | 0.29% | 0.05 | $12,873,914.60 | 11,765,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.75% | Baa2 | 11-Feb-2029 | 7.23 |
| NBK Tier 1 Financing 2 | 0.28% | 0.05 | $12,833,334.78 | 13,360,000 | Corporate Securities | Financial | Kuwait | 4.50% | Baa3 | 27-May-2168 | 15.87 |
| Guatemala Government Bond | 0.28% | 0.03 | $12,820,004.63 | 13,050,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Guatemala | 4.90% | Ba1 | 01-Jun-2030 | 7.13 |
| Bahrain Government International Bond | 0.28% | N/A | $12,672,583.96 | 13,350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahrain | 7.00% | NR | 12-Oct-2028 | 5.99 |
| GTLK Europe DAC | 0.28% | N/A | $12,497,313.80 | 13,000,000 | Corporate Securities | Financial | Russia | 5.13% | Ba2 | 31-May-2024 | 3.61 |
| Saudi Arabian Oil | 0.27% | 0.05 | $12,081,889.14 | 12,000,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 3.50% | A1 | 16-Apr-2029 | 7.56 |
| Times China Holdings | 0.26% | 0.11 | $11,555,708.42 | 12,540,000 | Corporate Securities | Building & Real Estate | China | 6.75% | B1 | 16-Jul-2023 | 2.81 |
| Serbia International Bond | 0.26% | 0.01 | $11,517,040.76 | 11,230,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 1.50% | Ba3 | 26-Jun-2029 | 8.36 |
| CNAC HK Finbridge | 0.26% | -0.04 | $11,510,731.10 | 11,200,000 | Corporate Securities | Chemicals | China | 4.63% | NR | 14-Mar-2023 | 2.74 |
| CNOOC Curtis Funding No 1 Pty | 0.25% | -0.26 | $11,382,274.76 | 10,365,000 | Corporate Securities | Petroleum | China | 4.50% | A1 | 03-Oct-2023 | 3.19 |
| State Grid Overseas Investment 2014 | 0.25% | 0.06 | $11,378,463.63 | 8,984,000 | Corporate Securities | Utilities | China | 4.85% | A1 | 07-May-2044 | 15.09 |
| Csn Resources | 0.25% | -0.05 | $11,363,176.38 | 15,975,000 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 13-Feb-2023 | 2.30 |
| Brf | 0.25% | 0.01 | $11,352,975.01 | 13,300,000 | Corporate Securities | Food/Tobacco | Brazil | 4.88% | Ba2 | 24-Jan-2030 | 7.38 |
| Emirates NBD Bank PJSC | 0.25% | 0.01 | $11,236,437.01 | 13,100,000 | Corporate Securities | Banking | United Arab Emirates | 6.13% | B1 | 20-Sep-2168 | 13.01 |
| Turk Telekomunikasyon | 0.24% | 0.04 | $11,031,029.52 | 12,000,000 | Corporate Securities | Wireline Communications | Turkey | 4.88% | NR | 19-Jun-2024 | 3.65 |
| Peru LNG Srl | 0.24% | -0.10 | $10,908,056.32 | 18,180,000 | Corporate Securities | Energy | Peru | 5.38% | B1 | 22-Mar-2030 | 5.19 |
| Banco BTG Pactual SA/Cayman Islands | 0.24% | 0.05 | $10,855,028.57 | 12,480,000 | Corporate Securities | Banking | Brazil | 7.75% | B1 | 15-Feb-2029 | 6.11 |
| Telefonica Celular Del Paraguay | 0.24% | 0.10 | $10,815,011.78 | 11,535,000 | Corporate Securities | Wireline Communications | Paraguay | 5.88% | Ba1 | 15-Apr-2027 | 5.43 |
| Dominican Republic International Bond | 0.24% | N/A | $10,762,409.66 | 10,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.88% | Ba3 | 29-Jan-2026 | 4.69 |
| Brazil Notas do Tesouro Nacional Serie | 0.24% | N/A | $10,636,474.03 | 44,716,077 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 6.00% | Ba2 | 15-May-2045 | 0.00 |
| CIFI Holdings | 0.23% | N/A | $10,584,140.98 | 11,858,000 | Corporate Securities | Building & Real Estate | China | 6.00% | NR | 16-Jul-2025 | 4.32 |
| Ivory Coast Government International Bond | 0.23% | -0.00 | $10,562,451.93 | 11,200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.63% | Ba3 | 22-Mar-2048 | 11.27 |
| Mexico Government International Bond | 0.23% | 0.03 | $10,442,731.50 | 10,354,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.60% | A3 | 23-Jan-2046 | 14.61 |
| Lamar Funding | 0.23% | N/A | $10,392,897.66 | 14,000,000 | Corporate Securities | Utilities | Oman | 3.96% | Ba2 | 07-May-2025 | 4.25 |
| Turk Telekomunikasyon | 0.23% | 0.03 | $10,368,582.03 | 10,875,000 | Corporate Securities | Wireline Communications | Turkey | 6.88% | NR | 28-Feb-2025 | 4.03 |
| Mong Duong Finance Holdings BV | 0.23% | 0.02 | $10,304,054.90 | 11,815,000 | Corporate Securities | Utilities | Vietnam | 5.13% | Ba3 | 07-May-2029 | 6.47 |
| Irsa Propiedades Comerciales | 0.23% | 0.01 | $10,263,932.23 | 13,995,000 | Corporate Securities | Retail | Argentina | 8.75% | NR | 23-Mar-2023 | 2.37 |
| Listrindo Capital BV | 0.23% | 0.06 | $10,261,180.38 | 11,645,000 | Corporate Securities | Utilities | Indonesia | 4.95% | Ba2 | 14-Sep-2026 | 5.33 |
| KSA Sukuk | 0.23% | N/A | $10,206,173.53 | 10,240,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 2.97% | A1 | 29-Oct-2029 | 8.15 |
| Lebanon Government International Bond | 0.23% | N/A | $10,167,486.90 | 51,164,000 | Government | Foreign Govt & Muni (Excl Canadian) | Lebanon | 6.00% | NR | 27-Jan-2023 | 1.62 |
| Oman Government International Bond | 0.22% | 0.16 | $10,022,782.62 | 13,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 5.63% | Ba2 | 17-Jan-2028 | 5.71 |
| Peruvian Government International Bond | 0.22% | -0.02 | $9,921,484.96 | 33,805,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 5.40% | A3 | 12-Aug-2034 | 0.00 |
| Banco Nacional de Costa Rica | 0.22% | 0.03 | $9,831,569.62 | 10,337,000 | Corporate Securities | Banking | Costa Rica | 6.25% | B2 | 01-Nov-2023 | 3.05 |
| Country Garden Holdings | 0.22% | 0.03 | $9,829,753.92 | 10,350,000 | Corporate Securities | Building & Real Estate | China | 4.75% | NR | 17-Jan-2023 | 2.53 |
| AC Energy Finance International | 0.22% | 0.04 | $9,828,574.84 | 9,995,000 | Corporate Securities | Electric Utilities | Philippines | 5.65% | NR | 04-Jun-2168 | 13.47 |
| Laos Government International Bond | 0.22% | 0.05 | $9,808,826.84 | 9,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Laos | 6.88% | B3 | 30-Jun-2021 | N/A |
| Indonesia Treasury Bond | 0.22% | -0.52 | $9,778,175.15 | 150,424,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 9.00% | Baa2 | 15-Mar-2029 | 0.00 |
| Uruguay Government International Bond | 0.21% | -0.07 | $9,552,393.01 | 8,208,666 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 5.10% | Baa2 | 18-Jun-2050 | 15.49 |
| Ukraine Railways Via Rail Capital Markets | 0.21% | 0.06 | $9,497,359.71 | 10,900,000 | Corporate Securities | Transportation | Ukraine | 8.25% | NR | 09-Jul-2024 | 3.35 |
| Suzano Austria GmbH | 0.21% | -0.09 | $9,418,352.64 | 9,875,000 | Corporate Securities | Forest Products | Brazil | 6.00% | NR | 15-Jan-2029 | 6.55 |
| Gusap Iii | 0.21% | N/A | $9,372,294.31 | 10,395,000 | Corporate Securities | Metals & Mining | Brazil | 4.25% | NR | 21-Jan-2030 | 7.67 |
| Mhp Lux | 0.21% | 0.00 | $9,355,975.07 | 11,810,000 | Corporate Securities | Food/Tobacco | Ukraine | 6.25% | NR | 19-Sep-2029 | 6.79 |
| Kaisa Group Holdings | 0.21% | N/A | $9,338,719.66 | 11,000,000 | Corporate Securities | Building & Real Estate | China | 8.50% | NR | 30-Jun-2022 | 1.86 |
| Dominican Republic International Bond | 0.20% | 0.01 | $8,909,967.02 | 8,810,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 7.45% | Ba3 | 30-Apr-2044 | 10.50 |
| Paraguay Government International Bond | 0.20% | -0.03 | $8,897,046.32 | 8,720,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.40% | Ba1 | 30-Mar-2050 | 14.26 |
| Sixsigma Networks Mexico SA de CV | 0.19% | -0.05 | $8,759,914.42 | 11,840,000 | Corporate Securities | Information Technology | Mexico | 7.50% | B2 | 02-May-2025 | 3.69 |
| Egypt Government International Bond | 0.19% | N/A | $8,722,398.15 | 10,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.59% | B2 | 21-Feb-2028 | 5.80 |
| China Evergrande | 0.19% | N/A | $8,691,541.13 | 10,020,000 | Corporate Securities | Building & Real Estate | China | 9.50% | B2 | 11-Apr-2022 | 1.62 |
| Mongolia Government International Bond | 0.19% | 0.02 | $8,615,849.43 | 9,330,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 5.63% | B3 | 01-May-2023 | 2.67 |
| Bahamas Government International Bond | 0.19% | 0.09 | $8,372,768.63 | 9,300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Baa3 | 21-Nov-2028 | 6.13 |
| Ukraine Government International Bond | 0.18% | 0.05 | $8,315,456.80 | 11,228,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 0.00% | NR | 31-May-2040 | N/A |
| El Salvador Government International Bond | 0.18% | 0.17 | $8,245,047.95 | 9,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 5.88% | B3 | 30-Jan-2025 | 4.02 |
| State Grid Overseas Investment 2016 | 0.18% | -0.09 | $8,243,287.23 | 7,850,000 | Corporate Securities | Utilities | China | 2.88% | A1 | 18-May-2026 | 5.55 |
| Republic of South Africa Government International Bond | 0.18% | -0.10 | $8,153,425.16 | 10,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 6.25% | Ba1 | 08-Mar-2041 | 10.32 |
| Itau Unibanco Holding SA/Cayman Island | 0.18% | 0.03 | $8,057,730.22 | 8,345,000 | Corporate Securities | Banking | Brazil | 6.13% | B2 | 12-Jun-2168 | 13.57 |
| Trinidad Petroleum Holdings | 0.18% | 0.02 | $8,050,318.04 | 8,352,000 | Corporate Securities | Petroleum | Trinidad and Tobago | 9.75% | Ba3 | 15-Jun-2026 | 4.40 |
| Peruvian Government International Bond | 0.18% | -0.04 | $7,915,390.27 | 7,380,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 2.84% | A3 | 20-Jun-2030 | 8.80 |
| Alrosa Finance | 0.17% | 0.03 | $7,689,108.08 | 7,440,000 | Corporate Securities | Metals & Mining | Russia | 4.65% | NR | 09-Apr-2024 | 3.56 |
| Pertamina Persero PT | 0.17% | 0.02 | $7,681,719.87 | 7,050,000 | Corporate Securities | Petroleum | Indonesia | 6.00% | Baa2 | 03-May-2042 | 11.99 |
| Costa Rica Government International Bond | 0.17% | -0.07 | $7,655,377.76 | 9,010,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 4.38% | B2 | 30-Apr-2025 | 4.29 |
| HTA Group Ltd/Mauritius | 0.17% | 0.02 | $7,643,573.80 | 8,100,000 | Corporate Securities | Media & Communications | Congo, Democratic Republic Of | 9.13% | B2 | 08-Mar-2022 | 1.71 |
| BBVA Bancomer SA/Texas | 0.17% | 0.01 | $7,615,212.77 | 9,000,000 | Corporate Securities | Banking | Mexico | 5.13% | NR | 18-Jan-2033 | 8.80 |
| Ghana Government International Bond | 0.17% | 0.17 | $7,598,225.79 | 10,100,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.63% | B3 | 16-May-2029 | 5.26 |
| Petropavlovsk 2016 | 0.16% | 0.15 | $7,432,403.80 | 7,500,000 | Corporate Securities | Metals & Mining | Russia | 8.13% | NR | 14-Nov-2022 | 2.24 |
| Latam Finance | 0.16% | -0.07 | $7,330,729.11 | 15,700,000 | Corporate Securities | Airlines | Chile | 7.00% | NR | 01-Mar-2026 | 3.90 |
| SriLankan Airlines | 0.16% | 0.03 | $7,193,957.31 | 8,760,000 | Corporate Securities | Airlines | Sri Lanka | 7.00% | NR | 25-Jun-2024 | 3.47 |
| U.S. Treasury Notes | 0.16% | 0.04 | $7,116,856.99 | 7,069,000 | US Govt & Agencies | U S Treasury Obligations | United States | 1.50% | Aaa | 15-Jun-2020 | N/A |
| Celulosa Arauco Y Constitucion | 0.16% | 0.02 | $7,058,288.96 | 8,110,000 | Corporate Securities | Forest Products | Chile | 4.20% | Baa3 | 29-Jan-2030 | 7.70 |
| Barbados Government International Bond | 0.16% | N/A | $7,003,075.00 | 7,510,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Barbados | 6.50% | NR | 01-Oct-2029 | 5.66 |
| Ghana Government International Bond | 0.15% | N/A | $6,893,976.82 | 9,700,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.75% | B3 | 11-Mar-2061 | 7.73 |
| El Salvador Government International Bond | 0.15% | 0.04 | $6,736,851.56 | 6,830,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 8.63% | B3 | 28-Feb-2029 | 6.04 |
| Axtel SAB de CV | 0.15% | -0.26 | $6,677,728.93 | 7,800,000 | Corporate Securities | Wireline Communications | Mexico | 6.38% | Ba3 | 14-Nov-2024 | 3.68 |
| Ukraine Government International Bond | 0.15% | 0.01 | $6,675,163.65 | 7,070,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 8.99% | NR | 01-Feb-2024 | 3.09 |
| Republic of Uzbekistan Bond | 0.15% | 0.02 | $6,628,700.39 | 6,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 5.38% | NR | 20-Feb-2029 | 6.95 |
| Egypt Government International Bond | 0.15% | -0.00 | $6,620,052.15 | 8,025,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.90% | B2 | 21-Feb-2048 | 9.42 |
| Brazilian Government International Bond | 0.15% | 0.02 | $6,579,319.63 | 5,095,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 8.25% | Ba2 | 20-Jan-2034 | 8.73 |
| Rumo Luxembourg Sarl | 0.15% | 0.01 | $6,578,741.06 | 6,975,000 | Corporate Securities | Transportation | Brazil | 5.88% | NR | 18-Jan-2025 | 4.04 |
| BBVA Bancomer SA/Texas | 0.15% | 0.02 | $6,574,864.81 | 7,000,000 | Corporate Securities | Banking | Mexico | 5.35% | Baa3 | 12-Nov-2029 | 7.24 |
| Oman Government International Bond | 0.14% | N/A | $6,522,051.91 | 9,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 5.38% | Ba2 | 08-Mar-2027 | 5.33 |
| FirstRand Bank | 0.14% | -0.04 | $6,505,983.19 | 7,000,000 | Corporate Securities | Banking | South Africa | 6.25% | Ba3 | 23-Apr-2028 | 6.06 |
| Cemex SAB de CV | 0.14% | N/A | $6,348,532.62 | 7,600,000 | Corporate Securities | Building Products | Mexico | 5.45% | NR | 19-Nov-2029 | 6.93 |
| Ivory Coast Government International Bond | 0.14% | 0.00 | $6,285,601.97 | 6,665,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.63% | Ba3 | 22-Mar-2048 | 11.27 |
| TransJamaican Highway | 0.14% | N/A | $6,250,592.96 | 6,415,000 | Corporate Securities | Transportation | Jamaica | 5.75% | NR | 10-Oct-2036 | 7.26 |
| Bermuda Government International Bond | 0.14% | N/A | $6,148,373.77 | 6,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 4.75% | A2 | 15-Feb-2029 | 7.18 |
| Israel Electric | 0.14% | -0.03 | $6,142,644.66 | 4,650,000 | Corporate Securities | Electric Utilities | Israel | 7.75% | Baa2 | 15-Dec-2027 | 5.96 |
| Perusahaan Listrik Negara PT | 0.14% | 0.02 | $6,091,058.53 | 6,245,000 | Corporate Securities | Energy | Indonesia | 4.88% | Baa2 | 17-Jul-2049 | 14.73 |
| Pakistan Government International Bond | 0.13% | -0.03 | $6,005,475.41 | 7,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Pakistan | 6.88% | B3 | 05-Dec-2027 | 5.49 |
| Oi | 0.13% | 0.05 | $5,954,282.13 | 8,425,000 | Corporate Securities | Wireline Communications | Brazil | 10.00% | NR | 27-Jul-2025 | 3.60 |
| CSN Islands XI | 0.13% | N/A | $5,911,723.19 | 9,000,000 | Corporate Securities | Metals & Mining | Brazil | 6.75% | B2 | 28-Jan-2028 | 5.28 |
| Country Garden Holdings | 0.13% | 0.06 | $5,863,089.47 | 5,700,000 | Corporate Securities | Building & Real Estate | China | 8.00% | NR | 27-Jan-2024 | 3.25 |
| Argentine Republic Government International Bond | 0.13% | -0.10 | $5,826,242.34 | 20,330,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 5.88% | Caa2 | 11-Jan-2028 | 4.01 |
| Bermuda Government International Bond | 0.13% | 0.02 | $5,807,305.38 | 6,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 3.72% | A2 | 25-Jan-2027 | 6.01 |
| Venezuela Government International Bond | 0.13% | 0.01 | $5,797,000.00 | 57,970,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 7.75% | NR | 13-Oct-2020 | 0.32 |
| Cosan Overseas | 0.12% | 0.01 | $5,565,635.11 | 6,085,000 | Corporate Securities | Food/Tobacco | Brazil | 8.25% | Ba2 | 05-Feb-2169 | 9.79 |
| Globo Comunicacao E Participacoes | 0.12% | N/A | $5,562,400.00 | 6,400,000 | Corporate Securities | Telephones | Brazil | 4.88% | Ba1 | 22-Jan-2030 | 7.43 |
| Venezuela Government International Bond | 0.12% | 0.01 | $5,540,500.00 | 55,405,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 6.00% | C | 09-Dec-2020 | 0.58 |
| Costa Rica Government International Bond | 0.12% | 0.01 | $5,499,162.11 | 6,420,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 6.13% | B2 | 19-Feb-2031 | 6.96 |
| Itau Unibanco Holding SA/Cayman Island | 0.12% | 0.02 | $5,457,215.32 | 5,700,000 | Corporate Securities | Banking | Brazil | 6.50% | B2 | 19-Sep-2168 | 13.67 |
| Globo Comunicacao E Participacoes | 0.12% | 0.01 | $5,420,769.32 | 6,045,000 | Corporate Securities | Telephones | Brazil | 5.13% | NR | 31-Mar-2027 | N/A |
| Jamaica Government International Bond | 0.12% | 0.06 | $5,415,311.37 | 5,050,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Jamaica | 6.75% | B2 | 28-Apr-2028 | 5.48 |
| HPCL-Mittal Energy | 0.12% | -0.00 | $5,379,352.48 | 6,930,000 | Corporate Securities | Energy | India | 5.25% | Ba3 | 28-Apr-2027 | 5.39 |
| Kuwait International Government Bond | 0.12% | -0.07 | $5,217,241.52 | 5,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kuwait | 3.50% | NR | 20-Mar-2027 | 6.17 |
| Ukraine Government International Bond | 0.11% | 0.00 | $5,138,084.94 | 4,930,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 6.75% | NR | 20-Jun-2026 | 4.54 |
| Metropolitan Light | 0.11% | 0.00 | $5,094,062.89 | 5,288,000 | Corporate Securities | Other Telecommunications | Hong Kong | 5.50% | Ba2 | 21-Nov-2022 | 2.33 |
| Petroleos De Venezuela | 0.11% | 0.01 | $4,982,866.88 | 30,901,500 | Corporate Securities | Energy | Venezuela | 8.50% | NR | 27-Oct-2020 | 0.91 |
| Nigeria Government International Bond | 0.11% | N/A | $4,805,478.36 | 6,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.88% | B2 | 16-Feb-2032 | 6.61 |
| Petroleos De Venezuela | 0.10% | 0.01 | $4,684,050.00 | 66,915,000 | Corporate Securities | Energy | Venezuela | 5.38% | NR | 12-Apr-2027 | 0.79 |
| Petroleos De Venezuela | 0.10% | 0.01 | $4,676,350.00 | 66,805,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 15-Nov-2026 | 0.84 |
| Ypf | 0.10% | 0.07 | $4,668,514.68 | 7,600,000 | Corporate Securities | Energy | Argentina | 8.75% | Caa2 | 04-Apr-2024 | 2.02 |
| Perusahaan Listrik Negara PT | 0.10% | 0.01 | $4,666,376.65 | 4,930,000 | Corporate Securities | Energy | Indonesia | 3.88% | Baa2 | 17-Jul-2029 | 7.59 |
| Lima Metro Line 2 Finance | 0.10% | 0.02 | $4,628,267.09 | 4,245,749 | Corporate Securities | Transportation | Peru | 5.88% | Baa1 | 05-Jul-2034 | 6.15 |
| Thaioil Treasury Center | 0.10% | 0.02 | $4,600,468.48 | 5,175,000 | Corporate Securities | Oil Field Serv | Thailand | 3.50% | Baa2 | 17-Oct-2049 | 17.19 |
| Perusahaan Listrik Negara PT | 0.10% | 0.01 | $4,585,009.67 | 5,020,000 | Corporate Securities | Energy | Indonesia | 4.38% | Baa2 | 05-Feb-2050 | 15.11 |
| Republic of Armenia International Bond | 0.10% | 0.01 | $4,458,666.10 | 5,015,000 | Government | Foreign Govt & Muni (Excl Canadian) | Armenia | 3.95% | Ba3 | 26-Sep-2029 | 7.67 |
| Nexa Resources | 0.09% | 0.00 | $4,267,831.11 | 5,331,000 | Corporate Securities | Metals & Mining | Peru | 5.38% | Ba2 | 04-May-2027 | 5.42 |
| Bahrain Government International Bond | 0.09% | N/A | $4,242,987.75 | 5,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahrain | 7.50% | NR | 20-Sep-2047 | 10.29 |
| Metropolitan Light | 0.09% | 0.01 | $4,237,518.61 | 4,395,000 | Corporate Securities | Other Telecommunications | Hong Kong | 5.50% | Ba2 | 21-Nov-2022 | 2.33 |
| Israel Government International Bond | 0.09% | N/A | $4,220,000.00 | 4,220,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 3.88% | N/A | 03-Jul-2050 | N/A |
| Ypf | 0.09% | 0.02 | $4,185,603.52 | 7,755,000 | Corporate Securities | Energy | Argentina | 8.50% | Caa2 | 28-Jul-2025 | 3.45 |
| Instituto Costarricense de Electricidad | 0.09% | -0.03 | $4,152,827.41 | 6,300,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 6.38% | B1 | 15-May-2043 | 9.15 |
| MercadoLibre | 0.09% | N/A | $4,073,003.10 | 3,140,000 | Consumer Discretionary | Internet & Direct Marketing Retail | Argentina | 2.00% | NR | 15-Aug-2028 | N/A |
| Oman Government International Bond | 0.09% | -0.02 | $3,986,236.61 | 5,850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.75% | Ba2 | 17-Jan-2048 | 9.17 |
| Csn Resources | 0.09% | -0.02 | $3,841,073.70 | 5,400,000 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 13-Feb-2023 | 2.30 |
| Ivory Coast Government International Bond | 0.08% | 0.01 | $3,759,120.83 | 4,200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.13% | Ba3 | 15-Jun-2033 | 8.00 |
| Controladora Mabe SA de CV | 0.08% | -0.06 | $3,731,742.89 | 3,815,000 | Corporate Securities | Consumer Products | Mexico | 5.60% | Baa3 | 23-Oct-2028 | 6.48 |
| CNRC Capitale | 0.08% | 0.02 | $3,725,842.90 | 3,762,000 | Corporate Securities | Chemicals | China | 3.90% | Baa2 | 02-Dec-2168 | 12.88 |
| Poinsettia Finance | 0.08% | 0.02 | $3,705,204.56 | 3,600,000 | Corporate Securities | Banking | Mexico | 6.63% | Baa3 | 17-Jun-2031 | 5.63 |
| Tarjeta Naranja | 0.08% | 0.01 | $3,585,886.74 | 17,525,000 | Corporate Securities | Financial | Argentina | 10.42% | Caa2 | 11-Apr-2022 | N/A |
| Vietnam Government International Bond | 0.08% | -0.00 | $3,529,229.97 | 4,750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Vietnam | 2.63% | NR | 13-Mar-2028 | 7.27 |
| Petroleos De Venezuela | 0.08% | 0.01 | $3,481,660.00 | 49,738,000 | Corporate Securities | Energy | Venezuela | 12.75% | NR | 17-Feb-2022 | 0.24 |
| Citgo Holding | 0.08% | -0.00 | $3,412,316.21 | 4,110,000 | Corporate Securities | Energy | United States | 9.25% | Caa1 | 01-Aug-2024 | N/A |
| Argentine Republic Government International Bond | 0.07% | -0.14 | $3,299,664.88 | 10,875,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 3.75% | Caa2 | 31-Dec-2038 | 7.05 |
| Consorcio Transmantaro | 0.07% | 0.01 | $3,203,537.34 | 3,315,000 | Corporate Securities | Utilities | Peru | 4.70% | Baa3 | 16-Apr-2034 | 8.74 |
| Ukraine Government International Bond | 0.07% | 0.00 | $3,009,005.12 | 3,230,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2024 | 3.61 |
| Dominican Republic International Bond | 0.06% | N/A | $2,895,021.43 | 3,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.95% | Ba3 | 25-Jan-2027 | 5.42 |
| Grenada Government International Bond | 0.06% | 0.01 | $2,764,999.50 | 2,998,540 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Grenada | 7.00% | NR | 12-May-2030 | N/A |
| Bahamas Government International Bond | 0.06% | 0.01 | $2,755,395.33 | 2,925,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahamas | 5.75% | Baa3 | 16-Jan-2024 | 3.28 |
| Petrobras Global Finance BV | 0.06% | N/A | $2,702,827.48 | 2,865,000 | Corporate Securities | Energy | Brazil | 5.63% | Ba2 | 20-May-2043 | 12.00 |
| Venezuela Government International Bond | 0.06% | 0.00 | $2,600,000.00 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 11.75% | C | 21-Oct-2026 | 0.28 |
| Venezuela Government International Bond | 0.06% | 0.00 | $2,600,000.00 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 9.25% | C | 15-Sep-2027 | 1.20 |
| Paraguay Government International Bond | 0.06% | -0.06 | $2,571,924.26 | 2,490,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.60% | NR | 13-Mar-2048 | 13.89 |
| Mexico Government International Bond | 0.05% | -0.33 | $2,467,805.54 | 2,418,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.75% | A3 | 08-Mar-2044 | 14.04 |
| Commonwealth of Puerto Rico | 0.05% | -0.05 | $2,400,000.00 | 4,000,000 | Tax-Free Gen. Obligations | General Obligations - State | United States | 8.00% | Ca | 01-Jul-2035 | N/A |
| Bank Tabungan Negara Persero | 0.05% | N/A | $2,331,043.42 | 2,625,000 | Corporate Securities | Financial | Indonesia | 4.20% | Ba3 | 23-Jan-2025 | 4.18 |
| Mongolia Government International Bond | 0.05% | 0.01 | $2,242,212.09 | 2,150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 10.88% | B3 | 06-Apr-2021 | 0.89 |
| St Marys Cement Inc Canada | 0.05% | 0.00 | $2,220,526.88 | 2,290,000 | Corporate Securities | Building Products | Brazil | 5.75% | Ba1 | 28-Jan-2027 | 5.48 |
| Ukraine Government International Bond | 0.05% | 0.00 | $2,085,607.78 | 2,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2023 | 2.90 |
| State Grid Overseas Investment 2014 | 0.04% | -0.01 | $1,820,067.70 | 1,684,000 | Corporate Securities | Utilities | China | 4.13% | A1 | 07-May-2024 | 3.73 |
| Health & Happiness H&H International Holdings | 0.04% | 0.01 | $1,804,040.01 | 1,880,000 | Corporate Securities | Consumer Products | China | 5.63% | Ba3 | 24-Oct-2024 | 3.83 |
| Mexico Government International Bond | 0.04% | N/A | $1,745,411.86 | 1,844,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 3.25% | A3 | 16-Apr-2030 | 8.36 |
| Mongolia Government International Bond | 0.04% | N/A | $1,706,992.65 | 1,750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 8.75% | B3 | 09-Mar-2024 | 3.22 |
| State Grid Overseas Investment 2013 | 0.04% | 0.01 | $1,685,049.88 | 1,365,000 | Corporate Securities | Utilities | China | 4.38% | A1 | 22-May-2043 | 15.03 |
| Brazilian Government International Bond | 0.04% | 0.02 | $1,667,629.67 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.63% | Ba2 | 21-Feb-2047 | 13.65 |
| Colombia Government International Bond | 0.04% | 0.01 | $1,661,795.03 | 1,630,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 4.00% | Baa2 | 26-Feb-2024 | 3.57 |
| Republic of Belarus International Bond | 0.04% | 0.01 | $1,645,557.34 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Belarus | 7.63% | B3 | 29-Jun-2027 | 5.41 |
| Sri Lanka Government International Bond | 0.04% | -0.01 | $1,604,056.03 | 2,705,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.13% | B2 | 03-Jun-2025 | 3.81 |
| Shriram Transport Finance | 0.04% | N/A | $1,589,150.15 | 2,235,000 | Corporate Securities | Financial | India | 5.10% | NR | 16-Jul-2023 | 2.75 |
| CNAC HK Finbridge | 0.03% | 0.01 | $1,565,906.80 | 1,409,000 | Corporate Securities | Chemicals | China | 5.13% | NR | 14-Mar-2028 | 6.59 |
| Russian Foreign Bond - Eurobond | 0.03% | 0.01 | $1,499,416.72 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.63% | Baa3 | 04-Apr-2042 | 13.08 |
| Sri Lanka Government International Bond | 0.03% | -0.01 | $1,471,558.07 | 2,245,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 5.88% | B2 | 25-Jul-2022 | 1.92 |
| Guatemala Government Bond | 0.03% | 0.01 | $1,470,702.53 | 1,475,000 | Government | Foreign Govt & Muni (Excl Canadian) | Guatemala | 4.50% | Ba1 | 03-May-2026 | 5.18 |
| Sri Lanka Government International Bond | 0.03% | -0.00 | $1,453,555.65 | 2,059,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | B2 | 04-Oct-2020 | 0.34 |
| Venezuela Government International Bond | 0.03% | 0.00 | $1,440,000.00 | 14,400,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Venezuela | 11.95% | C | 05-Aug-2031 | 0.69 |
| Petroleos Mexicanos | 0.03% | -0.00 | $1,434,506.77 | 42,400,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 7.19% | Baa3 | 12-Sep-2024 | 0.00 |
| Petroleos De Venezuela | 0.03% | 0.00 | $1,398,600.00 | 19,980,000 | Corporate Securities | Energy | Venezuela | 9.75% | NR | 17-May-2035 | 1.00 |
| Egypt Government International Bond | 0.03% | 0.00 | $1,389,653.58 | 1,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.70% | B2 | 01-Mar-2049 | 8.94 |
| Petrobras Global Finance BV | 0.03% | N/A | $1,359,469.38 | 1,375,000 | Corporate Securities | Energy | Brazil | 6.75% | Ba2 | 27-Jan-2041 | 10.70 |
| Corp Nacional del Cobre de Chile | 0.03% | 0.00 | $1,342,909.32 | 1,325,000 | Corporate Securities | Metals & Mining | Chile | 4.50% | A3 | 01-Aug-2047 | 15.21 |
| Petroleos Mexicanos | 0.03% | -0.07 | $1,340,914.41 | 1,900,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.35% | Baa3 | 12-Feb-2028 | 5.81 |
| Pakistan Government International Bond | 0.03% | 0.00 | $1,309,691.99 | 1,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Pakistan | 7.88% | B3 | 31-Mar-2036 | 8.40 |
| Mong Duong Finance Holdings BV | 0.03% | 0.00 | $1,308,174.56 | 1,500,000 | Corporate Securities | Utilities | Vietnam | 5.13% | Ba3 | 07-May-2029 | 4.93 |
| Provincia de Buenos Aires/Government Bonds | 0.03% | 0.00 | $1,290,578.79 | 191,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 47.33% | Caa2 | 31-May-2022 | N/A |
| National Highways Authority of India | 0.03% | 0.01 | $1,282,986.41 | 90,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 7.30% | NR | 18-May-2022 | 0.00 |
| Russian Foreign Bond - Eurobond | 0.03% | 0.01 | $1,281,817.58 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.88% | Baa3 | 16-Sep-2023 | 3.18 |
| Uruguay Government International Bond | 0.03% | 0.01 | $1,272,842.82 | 1,149,481 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 4.38% | Baa2 | 27-Oct-2027 | 5.63 |
| Mexico Government International Bond | 0.03% | 0.00 | $1,266,652.53 | 1,048,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.05% | A3 | 11-Jan-2040 | 11.93 |
| Brazilian Government International Bond | 0.03% | -0.00 | $1,254,907.25 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.50% | Ba2 | 30-May-2029 | 7.38 |
| Russian Foreign Bond - Eurobond | 0.03% | -0.01 | $1,247,554.35 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.88% | Baa3 | 16-Sep-2043 | 13.62 |
| Ghana Government International Bond | 0.03% | 0.02 | $1,236,517.33 | 1,600,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.88% | B3 | 26-Mar-2027 | 4.26 |
| Listrindo Capital BV | 0.03% | 0.00 | $1,233,632.67 | 1,400,000 | Corporate Securities | Utilities | Indonesia | 4.95% | Ba2 | 14-Sep-2026 | 5.33 |
| Egypt Government International Bond | 0.03% | 0.00 | $1,203,663.09 | 1,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.50% | B2 | 31-Jan-2027 | 5.09 |
| Export-Import Bank of India | 0.03% | 0.00 | $1,195,998.71 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 4.00% | Baa2 | 14-Jan-2023 | 2.59 |
| Nigeria Government International Bond | 0.03% | -0.00 | $1,135,428.76 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.14% | B2 | 23-Feb-2030 | 6.23 |
| El Salvador Government International Bond | 0.02% | -0.01 | $1,120,628.33 | 1,250,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 6.38% | B3 | 18-Jan-2027 | 5.24 |
| Ghana Government International Bond | 0.02% | 0.01 | $1,062,675.61 | 1,450,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.63% | B3 | 16-Jun-2049 | 7.71 |
| Georgia Government International Bond | 0.02% | N/A | $1,039,660.24 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Georgia | 6.88% | Ba2 | 12-Apr-2021 | 0.95 |
| Paraguay Government International Bond | 0.02% | -0.01 | $1,023,523.05 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 4.63% | Ba1 | 25-Jan-2023 | 2.61 |
| Indonesia Government International Bond | 0.02% | 0.00 | $1,002,106.22 | 886,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 5.13% | Baa2 | 15-Jan-2045 | 14.31 |
| Dominican Republic International Bond | 0.02% | N/A | $968,518.85 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.00% | Ba3 | 19-Jul-2028 | 6.30 |
| China Evergrande | 0.02% | N/A | $964,111.93 | 1,180,000 | Corporate Securities | Building & Real Estate | China | 8.25% | B2 | 23-Mar-2022 | 1.68 |
| Turk Telekomunikasyon | 0.02% | 0.00 | $953,432.83 | 1,000,000 | Corporate Securities | Wireline Communications | Turkey | 6.88% | NR | 28-Feb-2025 | 4.03 |
| Ypf | 0.02% | 0.00 | $936,931.30 | 4,550,000 | Corporate Securities | Energy | Argentina | 10.73% | Caa2 | 07-Jul-2020 | N/A |
| Egypt Government International Bond | 0.02% | 0.00 | $925,894.68 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.50% | B2 | 31-Jan-2027 | 5.09 |
| Argentine Republic Government International Bond | 0.02% | -0.03 | $893,447.75 | 113,815,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.00% | NR | 15-Dec-2035 | N/A |
| Petroleos Del Peru | 0.02% | 0.00 | $880,973.98 | 950,000 | Corporate Securities | Energy | Peru | 5.63% | NR | 19-Jun-2047 | 12.78 |
| Trade & development Bank of Mongolia | 0.02% | 0.00 | $873,228.20 | 865,000 | Corporate Securities | Banking | Mongolia | 9.38% | B3 | 19-May-2020 | 0.13 |
| Malaysia Sovereign Sukuk | 0.02% | 0.01 | $859,258.52 | 730,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.24% | A3 | 22-Apr-2045 | 15.69 |
| Perusahaan Penerbit SBSN Indonesia III | 0.02% | 0.00 | $855,209.07 | 850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.15% | Baa2 | 29-Mar-2027 | 6.02 |
| Brazilian Government International Bond | 0.02% | 0.00 | $838,488.26 | 898,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.75% | NR | 14-Jan-2050 | 14.76 |
| Dominican Republic International Bond | 0.02% | 0.01 | $831,777.39 | 850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.50% | Ba3 | 27-Jan-2025 | 4.12 |
| Venezuela Government International Bond | 0.02% | 0.00 | $830,000.00 | 8,300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Venezuela | 12.75% | C | 23-Aug-2022 | 0.68 |
| Costa Rica Government International Bond | 0.02% | -0.06 | $818,055.94 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 4.25% | B2 | 26-Jan-2023 | 2.57 |
| Brazilian Government International Bond | 0.02% | 0.00 | $817,961.48 | 700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 6.00% | Ba2 | 07-Apr-2026 | 4.99 |
| Pelabuhan Indonesia II PT | 0.02% | 0.00 | $812,742.19 | 801,000 | Corporate Securities | Transportation | Indonesia | 5.38% | Baa2 | 05-May-2045 | 13.15 |
| Russian Foreign Bond - Eurobond | 0.02% | 0.00 | $803,987.31 | 710,200 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Russia | 7.50% | Baa3 | 31-Mar-2030 | 2.89 |
| Turkey Government International Bond | 0.02% | 0.00 | $797,400.92 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 7.38% | B1 | 05-Feb-2025 | 3.96 |
| Petroleos Mexicanos | 0.02% | -0.00 | $786,580.68 | 1,120,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.63% | Baa3 | 15-Jun-2035 | 7.84 |
| Argentine Republic Government International Bond | 0.02% | -0.01 | $781,364.54 | 2,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 6.88% | Caa2 | 11-Jan-2048 | 3.82 |
| Export-Import Bank of India | 0.02% | N/A | $769,470.94 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.38% | Baa2 | 05-Aug-2026 | 5.61 |
| CA La Electricidad de Caracas | 0.02% | 0.01 | $761,400.00 | 12,690,000 | Corporate Securities | Utilities | Venezuela | 8.50% | NR | 10-Apr-2020 | N/A |
| Republic of South Africa Government International Bond | 0.02% | 0.00 | $760,241.51 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.30% | Ba1 | 12-Oct-2028 | 6.67 |
| Egypt Government International Bond | 0.02% | N/A | $754,897.92 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.05% | B2 | 15-Jan-2032 | 7.16 |
| Indonesia Government International Bond | 0.02% | 0.01 | $728,597.59 | 648,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 5.25% | Baa2 | 08-Jan-2047 | 14.55 |
| Colombia Government International Bond | 0.02% | 0.00 | $723,413.66 | 575,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 7.38% | Baa2 | 18-Sep-2037 | 10.55 |
| Sri Lanka Government International Bond | 0.02% | -0.01 | $678,821.90 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.83% | B2 | 18-Jul-2026 | 4.35 |
| Sri Lanka Government International Bond | 0.01% | -0.00 | $667,675.82 | 1,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.85% | B2 | 03-Nov-2025 | 3.85 |
| Kazakhstan Government International Bond | 0.01% | -0.00 | $654,237.93 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 5.13% | Baa3 | 21-Jul-2025 | 4.62 |
| Egypt Government International Bond | 0.01% | 0.00 | $647,617.17 | 750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.59% | B2 | 21-Feb-2028 | 5.80 |
| Chile Government International Bond | 0.01% | 0.00 | $640,068.36 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Chile | 3.24% | A1 | 06-Feb-2028 | 6.90 |
| Nigeria Government International Bond | 0.01% | -0.00 | $635,495.03 | 880,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 6.50% | B2 | 28-Nov-2027 | 5.31 |
| Costa Rica Government International Bond | 0.01% | N/A | $633,859.81 | 740,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 6.13% | B2 | 19-Feb-2031 | 6.96 |
| Colombia Government International Bond | 0.01% | 0.00 | $629,852.46 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 5.00% | Baa2 | 15-Jun-2045 | 13.95 |
| ADES International Holding | 0.01% | N/A | $617,043.59 | 750,000 | Corporate Securities | Energy | United Arab Emirates | 8.63% | NR | 24-Apr-2024 | 2.86 |
| Turkey Government International Bond | 0.01% | -0.00 | $593,665.40 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 7.63% | B1 | 26-Apr-2029 | 6.17 |
| Republic of South Africa Government International Bond | 0.01% | 0.00 | $580,283.61 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.88% | Ba1 | 16-Sep-2025 | 4.57 |
| Mexico Government International Bond | 0.01% | 0.00 | $570,912.77 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.55% | A3 | 21-Jan-2045 | 13.75 |
| Indonesia Government International Bond | 0.01% | 0.00 | $569,762.26 | 430,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 6.75% | Baa2 | 15-Jan-2044 | 12.96 |
| Peruvian Government International Bond | 0.01% | 0.00 | $568,921.77 | 350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 8.75% | A3 | 21-Nov-2033 | 9.01 |
| Turkey Government International Bond | 0.01% | 0.00 | $561,518.70 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.75% | B1 | 22-Mar-2024 | 3.46 |
| Kenya Government International Bond | 0.01% | 0.00 | $561,338.64 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 8.25% | B2 | 28-Feb-2048 | 10.06 |
| Mexico Government International Bond | 0.01% | 0.00 | $557,643.13 | 522,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.75% | A3 | 12-Oct-2110 | 16.89 |
| Ivory Coast Government International Bond | 0.01% | 0.00 | $555,841.66 | 600,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.38% | Ba3 | 03-Mar-2028 | 5.39 |
| Corp Nacional del Cobre de Chile | 0.01% | 0.00 | $554,181.65 | 560,000 | Corporate Securities | Metals & Mining | Chile | 3.63% | A3 | 01-Aug-2027 | 6.35 |
| Sri Lanka Government International Bond | 0.01% | 0.01 | $535,229.93 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.85% | B2 | 14-Mar-2024 | 3.07 |
| Dominican Republic International Bond | 0.01% | N/A | $529,298.90 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 4.50% | Ba3 | 30-Jan-2030 | 7.59 |
| Controladora Mabe SA de CV | 0.01% | -0.01 | $528,215.25 | 540,000 | Corporate Securities | Consumer Products | Mexico | 5.60% | Baa3 | 23-Oct-2028 | 6.48 |
| Indonesia Asahan Aluminium Persero PT | 0.01% | 0.00 | $522,851.24 | 500,000 | Corporate Securities | Metals & Mining | Indonesia | 5.71% | Baa2 | 15-Nov-2023 | 3.18 |
| Power Sector Assets & Liabilities Management | 0.01% | 0.00 | $514,529.78 | 340,000 | Corporate Securities | Utilities | Philippines | 9.63% | Baa2 | 15-May-2028 | 5.99 |
| Brazil Notas do Tesouro Nacional Serie F | 0.01% | N/A | $514,140.99 | 2,320,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 10.00% | Ba2 | 01-Jan-2025 | 0.00 |
| Southern Gas Corridor CJSC | 0.01% | 0.00 | $513,587.28 | 500,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Azerbaijan | 6.88% | Ba2 | 24-Mar-2026 | 4.86 |
| Paraguay Government International Bond | 0.01% | N/A | $510,151.74 | 500,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.40% | Ba1 | 30-Mar-2050 | 14.26 |
| Russian Foreign Bond - Eurobond | 0.01% | 0.00 | $509,096.31 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 12.75% | Baa3 | 24-Jun-2028 | 5.79 |
| Colombia Government International Bond | 0.01% | N/A | $506,625.34 | 550,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 3.00% | Baa2 | 30-Jan-2030 | 8.29 |
| Third Pakistan International Sukuk | 0.01% | N/A | $478,089.67 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Pakistan | 5.63% | B3 | 05-Dec-2022 | 2.37 |
| Philippine Government International Bond | 0.01% | N/A | $477,197.77 | 350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Philippines | 6.38% | Baa2 | 23-Oct-2034 | 9.99 |
| Export-Import Bank of India | 0.01% | N/A | $465,482.61 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.88% | Baa2 | 01-Feb-2028 | 6.58 |
| Russian Foreign Bond - Eurobond | 0.01% | N/A | $463,021.74 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.10% | NR | 28-Mar-2035 | 10.76 |
| Kazakhstan Government International Bond | 0.01% | 0.00 | $461,927.78 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 4.88% | Baa3 | 14-Oct-2044 | 14.51 |
| Egypt Government International Bond | 0.01% | 0.00 | $460,347.57 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 5.88% | B2 | 11-Jun-2025 | 4.25 |
| Dominican Republic International Bond | 0.01% | 0.00 | $455,469.44 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.40% | Ba3 | 05-Jun-2049 | 11.66 |
| Pertamina Persero PT | 0.01% | N/A | $454,157.03 | 400,000 | Corporate Securities | Petroleum | Indonesia | 6.50% | Baa2 | 07-Nov-2048 | 13.06 |
| Export-Import Bank of India | 0.01% | N/A | $450,029.49 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.25% | Baa2 | 15-Jan-2030 | 8.16 |
| Republic of South Africa Government International Bond | 0.01% | 0.00 | $445,651.22 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.88% | Ba1 | 22-Jun-2030 | 7.26 |
| Turkey Government International Bond | 0.01% | 0.00 | $439,727.53 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.75% | B1 | 30-May-2040 | 9.79 |
| Croatia Government International Bond | 0.01% | 0.00 | $438,551.65 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Croatia | 6.00% | Ba2 | 26-Jan-2024 | 3.39 |
| Russian Foreign Bond - Eurobond | 0.01% | -0.01 | $423,451.26 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.50% | Baa3 | 04-Apr-2022 | 1.88 |
| Corp Nacional del Cobre de Chile | 0.01% | 0.00 | $421,060.07 | 400,000 | Corporate Securities | Metals & Mining | Chile | 4.88% | A3 | 04-Nov-2044 | 14.04 |
| Serbia Treasury Bonds | 0.01% | N/A | $419,568.32 | 40,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 4.50% | NR | 20-Aug-2032 | 0.00 |
| Indonesia Government International Bond | 0.01% | 0.00 | $419,496.73 | 350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 5.95% | Baa2 | 08-Jan-2046 | 13.78 |
| Nigeria Government International Bond | 0.01% | -0.00 | $418,850.85 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.63% | B2 | 28-Nov-2047 | 8.22 |
| Empresa Nacional del Petroleo | 0.01% | 0.00 | $415,837.52 | 440,000 | Corporate Securities | Petroleum | Chile | 3.75% | Baa3 | 05-Aug-2026 | 5.51 |
| Indonesia Government International Bond | 0.01% | 0.00 | $414,564.96 | 280,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 8.50% | Baa2 | 12-Oct-2035 | 9.49 |
| Paraguay Government International Bond | 0.01% | 0.00 | $402,520.92 | 375,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 6.10% | Ba1 | 11-Aug-2044 | 12.44 |
| Uruguay Government International Bond | 0.01% | 0.00 | $396,136.50 | 340,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 4.98% | Baa2 | 20-Apr-2055 | 16.62 |
| CNAC HK Finbridge | 0.01% | N/A | $395,247.20 | 350,000 | Corporate Securities | Chemicals | China | 4.75% | Baa2 | 19-Jun-2049 | 16.16 |
| KazMunayGas National Co JSC | 0.01% | 0.00 | $393,690.37 | 400,000 | Corporate Securities | Petroleum | Kazakhstan | 4.75% | Baa3 | 19-Apr-2027 | 5.77 |
| Egypt Government International Bond | 0.01% | 0.00 | $390,733.77 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.13% | B2 | 31-Jan-2022 | 1.67 |
| Kenya Government International Bond | 0.01% | 0.00 | $390,267.72 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 6.88% | NR | 24-Jun-2024 | 3.52 |
| India Government Bond | 0.01% | 0.00 | $390,213.54 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.83% | NR | 25-Nov-2023 | 0.00 |
| Republic of South Africa Government International Bond | 0.01% | 0.00 | $388,923.91 | 440,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.85% | Ba1 | 27-Sep-2027 | 6.08 |
| Dominican Republic International Bond | 0.01% | N/A | $386,003.89 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.95% | Ba3 | 25-Jan-2027 | 5.42 |
| Panama Government International Bond | 0.01% | -0.18 | $379,063.50 | 375,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 3.87% | Baa1 | 23-Jul-2060 | 19.56 |
| Turkey Government International Bond | 0.01% | 0.00 | $363,864.57 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.13% | B1 | 24-Oct-2028 | 6.20 |
| Turkey Government International Bond | 0.01% | 0.00 | $358,995.94 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 3.25% | B1 | 23-Mar-2023 | 2.75 |
| Pertamina Persero PT | 0.01% | N/A | $358,412.28 | 400,000 | Corporate Securities | Petroleum | Indonesia | 3.10% | Baa2 | 21-Jan-2030 | 8.19 |
| CNAC HK Finbridge | 0.01% | 0.00 | $355,948.94 | 340,000 | Corporate Securities | Chemicals | China | 4.13% | NR | 19-Jul-2027 | 6.25 |
| Petroleos Mexicanos | 0.01% | -0.00 | $352,742.28 | 490,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 7.69% | Baa3 | 23-Jan-2050 | 8.49 |
| Eskom Holdings SOC | 0.01% | -0.08 | $346,170.33 | 400,000 | Corporate Securities | Utilities | South Africa | 5.75% | Caa1 | 26-Jan-2021 | 0.71 |
| Senegal Government International Bond | 0.01% | 0.00 | $332,544.42 | 400,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.75% | Ba3 | 13-Mar-2048 | 10.74 |
| Philippine Government International Bond | 0.01% | N/A | $332,182.47 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Philippines | 3.95% | Baa2 | 20-Jan-2040 | 13.83 |
| Panama Government International Bond | 0.01% | 0.00 | $326,553.34 | 250,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 6.70% | Baa1 | 26-Jan-2036 | 9.92 |
| Argentine Republic Government International Bond | 0.01% | -0.00 | $320,596.72 | 1,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 5.00% | Caa2 | 15-Jan-2027 | 3.58 |
| Sri Lanka Government International Bond | 0.01% | -0.00 | $317,034.63 | 525,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 7.85% | B2 | 14-Mar-2029 | 5.26 |
| Banco Macro | 0.01% | 0.00 | $314,770.04 | 41,665,000 | Corporate Securities | Banking | Argentina | 17.50% | Caa2 | 08-May-2022 | 0.00 |
| Hungary Government International Bond | 0.01% | -0.00 | $313,143.32 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Hungary | 7.63% | Baa3 | 29-Mar-2041 | 12.41 |
| State Grid Overseas Investment 2016 | 0.01% | 0.00 | $306,921.55 | 260,000 | Corporate Securities | Utilities | China | 4.00% | A1 | 04-May-2047 | 16.88 |
| Turkey Government International Bond | 0.01% | 0.00 | $305,056.31 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.75% | B1 | 11-May-2047 | 10.96 |
| Israel Government Bond - Fixed | 0.01% | N/A | $302,498.94 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 2.00% | NR | 31-Mar-2027 | 0.00 |
| Turkey Government International Bond | 0.01% | 0.00 | $301,862.60 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 8.00% | B1 | 14-Feb-2034 | 8.16 |
| Republic of Uzbekistan Bond | 0.01% | N/A | $298,312.95 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 4.75% | NR | 20-Feb-2024 | 3.49 |
| Equate Petrochemical BV | 0.01% | 0.00 | $291,044.92 | 300,000 | Corporate Securities | Chemicals | Kuwait | 4.25% | Baa2 | 03-Nov-2026 | 5.55 |
| Egypt Government International Bond | 0.01% | 0.00 | $282,076.85 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.20% | B2 | 01-Mar-2024 | 3.37 |
| Telefonica Celular Del Paraguay | 0.01% | 0.00 | $281,273.53 | 300,000 | Corporate Securities | Wireline Communications | Paraguay | 5.88% | Ba1 | 15-Apr-2027 | 5.43 |
| Kenya Government International Bond | 0.01% | 0.00 | $280,669.32 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 8.25% | B2 | 28-Feb-2048 | 10.06 |
| Ecuador Government International Bond | 0.01% | -0.02 | $279,588.46 | 850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ecuador | 8.75% | NR | 02-Jun-2023 | 1.82 |
| Nigeria Government International Bond | 0.01% | -0.00 | $279,233.90 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.63% | B2 | 28-Nov-2047 | 8.22 |
| Turkey Government International Bond | 0.01% | 0.00 | $277,219.29 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 7.25% | B1 | 05-Mar-2038 | 9.43 |
| Ukraine Government International Bond | 0.01% | -0.01 | $274,173.56 | 300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.38% | NR | 25-Sep-2032 | 7.52 |
| Dominican Republic International Bond | 0.01% | 0.00 | $269,464.29 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.50% | Ba3 | 15-Feb-2048 | 11.60 |
| Kazakhstan Government International Bond | 0.01% | 0.00 | $265,431.71 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 6.50% | Baa3 | 21-Jul-2045 | 13.72 |
| Mriya Farming | 0.01% | N/A | $263,356.58 | 17,609,900 | Corporate Securities | Industrial - Other | United Kingdom | 0.00% | NR | 31-Dec-2025 | N/A |
| Export-Import Bank of India | 0.01% | 0.00 | $253,973.14 | 17,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.38% | NR | 24-Jul-2025 | 0.00 |
| Colombia Government International Bond | 0.01% | 0.00 | $253,344.13 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 3.88% | Baa2 | 25-Apr-2027 | 6.01 |
| Turkey Government International Bond | 0.01% | 0.00 | $251,452.04 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 11.88% | B1 | 15-Jan-2030 | 6.03 |
| Turkey Government International Bond | 0.01% | 0.00 | $250,167.97 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.63% | B1 | 17-Feb-2045 | 10.59 |
| Albania Government International Bond | 0.01% | N/A | $235,846.69 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 09-Oct-2025 | 4.94 |
| Egypt Government International Bond | 0.01% | 0.00 | $235,064.04 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.20% | B2 | 01-Mar-2024 | 3.37 |
| Romanian Government International Bond | 0.01% | 0.00 | $233,264.77 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 6.13% | Baa3 | 22-Jan-2044 | 12.93 |
| Kazakhstan Government International Bond | 0.01% | 0.00 | $225,619.12 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 2.38% | Baa3 | 09-Nov-2028 | 7.66 |
| Nigeria Government International Bond | 0.00% | -0.00 | $223,444.04 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 8.75% | B2 | 21-Jan-2031 | 5.98 |
| Vnesheconombank Via VEB Finance | 0.00% | 0.00 | $217,434.51 | 200,000 | Corporate Securities | Banking | Russia | 6.80% | NR | 22-Nov-2025 | 4.59 |
| Russian Foreign Bond - Eurobond | 0.00% | 0.00 | $216,188.46 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.75% | NR | 27-May-2026 | 5.26 |
| Ghana Government International Bond | 0.00% | N/A | $215,945.19 | 300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.88% | B3 | 11-Feb-2035 | 7.07 |
| Kazakhstan Temir Zholy Finance BV | 0.00% | -0.00 | $212,131.32 | 200,000 | Corporate Securities | Railroads | Kazakhstan | 6.95% | Baa3 | 10-Jul-2042 | 11.31 |
| Romanian Government International Bond | 0.00% | 0.00 | $210,152.19 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 5.13% | Baa3 | 15-Jun-2048 | 14.42 |
| Republic of Armenia International Bond | 0.00% | 0.00 | $205,233.15 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Armenia | 7.15% | Ba3 | 26-Mar-2025 | 4.16 |
| KazMunayGas National Co JSC | 0.00% | 0.00 | $204,866.03 | 200,000 | Corporate Securities | Petroleum | Kazakhstan | 5.75% | Baa3 | 19-Apr-2047 | 13.04 |
| Indonesia Government International Bond | 0.00% | 0.00 | $204,158.58 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 3.85% | Baa2 | 18-Jul-2027 | 6.27 |
| Georgian Railway JSC | 0.00% | 0.00 | $203,214.38 | 200,000 | Corporate Securities | Transportation | Georgia | 7.75% | NR | 11-Jul-2022 | 2.02 |
| Mongolia Government International Bond | 0.00% | 0.00 | $195,084.87 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 8.75% | B3 | 09-Mar-2024 | 3.22 |
| Ivory Coast Government International Bond | 0.00% | 0.00 | $190,567.63 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 5.25% | Ba3 | 22-Mar-2030 | 6.73 |
| Ukraine Government International Bond | 0.00% | 0.00 | $186,316.11 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2024 | 3.61 |
| Ukraine Government International Bond | 0.00% | 0.00 | $186,055.71 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2026 | 4.87 |
| Israel Government Bond - Fixed | 0.00% | 0.00 | $185,514.62 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 3.75% | NR | 31-Mar-2047 | 0.00 |
| Israel Government Bond - Fixed | 0.00% | 0.00 | $184,396.44 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 5.50% | NR | 31-Jan-2042 | 0.00 |
| Republic of South Africa Government International Bond | 0.00% | 0.00 | $183,779.20 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.88% | Ba1 | 14-Apr-2026 | 4.95 |
| Egypt Government International Bond | 0.00% | -0.00 | $181,222.38 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 5.63% | B2 | 16-Apr-2030 | 6.51 |
| Romanian Government International Bond | 0.00% | 0.00 | $176,352.92 | 150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.88% | Baa3 | 26-May-2028 | 7.07 |
| MHP | 0.00% | 0.00 | $176,212.93 | 200,000 | Corporate Securities | Food/Tobacco | Ukraine | 7.75% | NR | 10-May-2024 | 3.22 |
| Republic of Azerbaijan International Bond | 0.00% | 0.00 | $170,202.87 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Azerbaijan | 3.50% | Ba2 | 01-Sep-2032 | 9.03 |
| Egypt Government International Bond | 0.00% | 0.00 | $167,753.62 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.05% | B2 | 15-Jan-2032 | 7.16 |
| Senegal Government International Bond | 0.00% | 0.00 | $166,272.21 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.75% | Ba3 | 13-Mar-2048 | 10.74 |
| Turkey Government International Bond | 0.00% | N/A | $163,964.08 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.25% | B1 | 13-Mar-2030 | 7.23 |
| El Salvador Government International Bond | 0.00% | -0.00 | $158,618.52 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 7.12% | B3 | 20-Jan-2050 | 10.08 |
| Republic of South Africa Government International Bond | 0.00% | -0.00 | $146,158.04 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.38% | Ba1 | 24-Jul-2044 | 11.16 |
| Republic of South Africa Government International Bond | 0.00% | 0.00 | $142,816.79 | 150,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.67% | Ba1 | 17-Jan-2024 | 3.37 |
| Eskom Holdings SOC | 0.00% | -0.89 | $141,215.06 | 200,000 | Corporate Securities | Utilities | South Africa | 8.45% | Caa1 | 10-Aug-2028 | 5.19 |
| Bulgaria Government International Bond | 0.00% | 0.00 | $140,783.58 | 100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bulgaria | 3.13% | Baa2 | 26-Mar-2035 | 12.44 |
| Csn Resources | 0.00% | N/A | $138,298.22 | 200,000 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 17-Apr-2026 | 4.12 |
| Mriya Farming | 0.00% | N/A | $43,840.82 | 3,975,047 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
| CDX HY S33 V2 REC 107 06/17/2020 | 0.00% | N/A | $27,334.40 | 52,600,000 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
| Uruguay Government International Bond | 0.00% | 0.00 | $22,763.31 | 21,775 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 4.13% | Baa2 | 20-Nov-2045 | 15.06 |
| Venezuela Government International Bond | 0.00% | 0.00 | $19,345.83 | 7,140 | Materials | Metals & Mining | Venezuela | N/A | N/A | N/A | N/A |
| Egypt Government Bond | 0.00% | 0.00 | $1,697.50 | 24,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 14.90% | NR | 08-May-2028 | 0.00 |
| Mriya Farming | 0.00% | N/A | $1,042.54 | 83,934 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed.
Country Diversification (31-Mar-2020)
Representative Portfolio vs Benchmark| Country Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Brazil | 13.15% | 3.46% | |
| Ukraine | 5.92% | 1.51% | |
| Israel | 2.91% | 0.00% | |
| Venezuela | 1.76% | 0.00% | |
| Bahamas | 1.72% | 0.00% | |
| Argentina | 3.13% | 1.43% | |
| Vietnam | 1.56% | 0.10% | |
| Turkey | 7.16% | 5.95% | |
| Senegal | 1.38% | 0.23% | |
| Sri Lanka | 1.91% | 0.82% | |
| Indonesia | 10.16% | 9.08% | |
| Jamaica | 1.55% | 0.48% | |
| Mongolia | 1.38% | 0.31% | |
| El Salvador | 1.56% | 0.55% | |
| Uzbekistan | 1.05% | 0.10% | |
| Egypt | 2.47% | 1.65% | |
| South Africa | 2.83% | 2.02% | |
| Serbia | 0.96% | 0.17% | |
| Cote d Ivoire | 1.07% | 0.30% | |
| Nigeria | 1.39% | 0.74% | |
| Costa Rica | 1.02% | 0.58% | |
| Ghana | 1.05% | 0.65% | |
| Mexico | 10.27% | 10.10% | |
| Oman | 1.88% | 1.70% | |
| Dominican Republic | 1.51% | 1.58% | |
| Peru | 0.94% | 1.61% | |
| Colombia | 1.51% | 2.73% | |
| Russia | 2.20% | 4.70% | |
| Saudi Arabia | 1.27% | 6.28% | |
| China | 3.09% | 9.30% |
A maximum of 30 largest countries by portfolio rank are displayed and shown in descending order by relative over/underweight.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Region Diversification (31-Mar-2020)
Representative Portfolio vs Benchmark| Region Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Latin America | 41.78% | 30.51% | |
| Other | 0.29% | 0.00% | |
| Emerging Europe | 17.96% | 18.40% | |
| Asia | 19.34% | 24.85% | |
| Middle East & Africa | 18.36% | 26.17% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Currency Diversification (31-Mar-2020)
Representative Portfolio vs Benchmark| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 99.62% | 100.00% | |
| Mexican peso | -0.01% | 0.00% | |
| Dollar Bloc Subtotal | 99.61% | 100.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Hungarian forint | -0.01% | 0.00% | |
| Polish zloty | -0.10% | 0.00% | |
| euro | -0.18% | 0.00% | |
| European Bloc Subtotal | -0.28% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| New Taiwan dollar | -0.02% | 0.00% | |
| Thai baht | -0.02% | 0.00% | |
| Far East Bloc Subtotal | -0.04% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Serbia dinar | 0.37% | 0.00% | |
| Brazilian real | 0.24% | 0.00% | |
| Argentinian peso | 0.05% | 0.00% | |
| Offshore Chinese renminbi | 0.03% | 0.00% | |
| Indian rupee | 0.02% | 0.00% | |
| Peruvian nuevo sol | 0.02% | 0.00% | |
| Egyptian pound | 0.01% | 0.00% | |
| Kenyan shilling | 0.01% | 0.00% | |
| New Ghana cedi | 0.01% | 0.00% | |
| Israeli shekel | -0.00% | 0.00% | |
| Indonesian rupiah | -0.03% | 0.00% | |
| Emerging Markets Bloc Subtotal | 0.71% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings information and other breakdowns (such as country and currency) are related to those of representative portfolio ("Portfolio"). The Portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® Disclosure page for additional information on the composite.
The specific securities identified and described above do not represent all of the securities purchased, sold or recommended for advisory clients and no assumptions should be made that investments in the securities identified and discussed were or will be profitable.
Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.